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                                                                Exhibit No. 10.3

                              LENOX BANCORP, INC.

                       2001 DIRECTORS' STOCK OPTION PLAN

     The purpose of the 2001 Directors' Stock Option Plan is to compensate
directors in lieu of payment of director fees.  Lenox believes that this Plan
will give an incentive to these members of the Board to increase revenues and
profits.

     1.   Effective Date of the Plan.  This Plan shall become effective at such
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time as it is adopted by the Compensation Committee of the Board of Directors of
Lenox.

     2.   Shares Subject to the Plan.  The shares to be issued upon the exercise
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of the options granted under the Plan shall be shares of Common Stock, no par
value, of Lenox.  Either treasury or authorized and unissued shares of Common
Stock, or both, as the Board of Directors shall from time to time determine, may
be so issued.

     Subject to the provisions of Section 4, the aggregate number of shares of
Common Stock for which options may be granted under the Plan shall be 100,000.

     3.   Administration.  The Plan shall be administered by the Compensation
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Committee of the Board of Directors.

     4.   Adjustments to Common Stock and Option Price.

          4.1  In the event of changes in the outstanding Common Stock of Lenox
     as a result of stock dividends, split-ups, recapitalizations, combinations
     or exchanges, the number and class of shares of Common Stock authorized to
     be the subject of options under the Plan and the number and class of shares
     of Common Stock and Option Price for each option which is outstanding under
     this Plan shall be correspondingly adjusted by the Committee.

          4.2  The Committee shall make appropriate adjustments in the Option
     Price to reflect any spin-off of assets, extraordinary dividends or other
     distributions to shareholders.

          4.3  In the event of the dissolution or liquidation of Lenox or any
     merger, consolidation or combination in which Lenox is not the surviving
     corporation or in which the outstanding shares of Common Stock of Lenox are
     converted into cash, other securities or other property, each outstanding
     option issued hereunder shall terminate as of a date fixed by the Committee
     provided that not less than 20 days' written notice of the date of
     expiration shall be given to each holder of an option.  Each such holder
     shall have the right during such period following notice to exercise the
     option as to all or any part of the option for which it is exercisable at
     the time of such notice.
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     5.   Eligible Directors; Grant of Options.  An Eligible Director shall be
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each director of Lenox or its subsidiary, Lenox Savings Bank, now serving as a
director or elected hereafter, who is also a member of a Committee of the Board
of Directors of Lenox or Lenox Savings Bank and who is not also an employee of
Lenox or any of its subsidiaries.

     Each Eligible Director as of the Effective Date of the Plan shall be
granted an option for the purchase of 5,000 shares of Common Stock and at the
time of each Annual Meeting of Shareholders, another option for 2,000 shares.
An Eligible Director who serves as a director of both Lenox and Lenox Savings
Bank shall receive an Option for an additional 1,000 shares at the time of each
Annual Meeting of Shareholders.  All grants shall be made on the date of the
event giving rise to the option.  Such grants shall continue until the number of
shares provided for in this Plan in Section 2 are exhausted.

     6.   Price.  The purchase price of the shares of Common Stock which may be
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acquired pursuant to the exercise of any option granted pursuant to the Plan
shall be the last closing sale price reported on the last trading date prior to
the date of grant.

     7.   Period of Option.  The term of each option shall be ten years from the
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date of grant.

     8.   Exercise of Options.  An option may be exercised by an Eligible
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Director at any time as to all or part of the shares covered thereby by giving
written notice to Lenox at its principal office, directed to the attention of
its Secretary, accompanied by payment of the Option Price in full for shares
being purchased.  The payment of the Option Price shall be in cash.
Additionally, an option may be exercised by delivering written notice of
exercise to Lenox to the attention of its Secretary accompanied by irrevocable
instructions to deliver shares to a broker-dealer with a copy of irrevocable
instructions to the broker-dealer to deliver the exercise Option Price to Lenox.

     Unless there is in effect at the time of exercise a registration statement
under the Securities Act of 1933 permitting the resale to the public of shares
acquired under the Plan, the holder of the option shall, except to the extent
determined by the Committee that such is not required, (i) represent and warrant
in writing to Lenox that the shares acquired are being acquired for investment
and not with a view to the distribution thereof, (ii) acknowledge that the
shares acquired may not be sold unless registered for sale under said Act or
pursuant to an exemption from such registration, and (iii) agree that the
certificates evidencing such shares shall bear a legend to the effect of clauses
(i) and (ii).

     9.   Nontransferability of Options.  No option granted under the Plan shall
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be transferable otherwise than by will or by the laws of descent and
distribution, and an option may be exercised during the lifetime of the holder
only by the holder.

     10.  Death or Disability of an Optionee.  If an optionee dies or becomes
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disabled all options granted to such person may be exercised by the legal
representative of the estate of the deceased option holder or by the person or
persons to whom such Eligible Director's rights under the option passes by will
or the laws of descent and distribution.  "Disabled" shall have the meaning
ascribed to it in Section 105(d)(4) of the Internal Revenue Code of 1986, as
amended.

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     11.  Rights as a Shareholder.  The holder of an option shall not have any
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of the rights of a shareholder of Lenox with respect to the shares subject to an
option until a certificate for such shares shall have been issued upon the
exercise of the option.

     12.  Amendment and Termination.  The Plan shall terminate five years after
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its effective date and thereafter no options shall be granted.  All options
outstanding at the time of termination of the Plan shall continue in full force
and effect in accordance with and subject to the terms and conditions of the
Plan.  The Board of Directors of Lenox at any time prior to that date may
terminate the Plan or make such amendments to it as the Board of Directors shall
deem advisable.  No termination or amendment of the Plan may, without the
consent of the holder of an option then existing, terminate his option or
materially and adversely affect his rights under the option.

13.  Automatic Termination of Option.  Notwithstanding anything contained herein
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to the contrary, if at any time a holder of an option granted under this Plan
becomes an employee, officer or director of or a consultant to an entity which
the Compensation Committee determines is a competitor of Lenox, such option
shall automatically terminate as of the date such conflicting relationship was
established.

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